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Tesco Staff To Share Record Bonus Pot Following Bumper Year

Thu, 03 Jun 2010

 
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Staff at supermarket giant Tesco are set to receive a share of a record £105 million bonus, the company has announced.

The bonus pot will be shared amongst more than 216,000 Tesco workers in the UK, from till operators to store managers.

Employees who have worked for the UK’s largest grocery retailer for at least a year will receive 3.6 per cent of their annual salary in shares - up to a maximum of £3,000-worth - which they will be able to sell in five years’ time, tax free.

Tesco added that those who have held shares in the company’s Shares in Success scheme since 2005 are now eligible to cash in on the £39 million-worth of tax-free shares .

The bonus payout comes after Tesco posted a 10 per cent rise in annual profits to £3.5 billion in the year to February 2010.

David Reid, Tesco’s Non-Executive Chairman, said: "We’ve had Tesco’s best ever year in a really challenging economic climate and that success is down to the hard work and skill of the whole Tesco team."

"At home and abroad, they’ve helped build a great business by doing what we do best, delivering for customers. I am delighted that once again all staff are sharing in this success."